Connect with us
Anglostratits

Business

Trends shaping global payment processing in 2023

Published

3 years ago

on

payment processing

There are several exciting trends emerging that will shape the way businesses and consumers process payments worldwide

NAIROBI, Kenya, March 29, 2023/APO Group/ — 

A global payment processing system is a network that enables financial institutions to process cross-border payments. It allows for currency exchange between banks and other financial institutions across borders. The system is used by businesses and individuals to make international payments, such as for goods and services purchased online.

Currently, this system is going through radical changes that are transforming how individuals and businesses send and receive money. Furthermore, there are several exciting trends emerging that will shape the way businesses and consumers process payments worldwide. From cryptocurrency and contactless transactions to artificial intelligence, these innovations are set to transform the industry as we know it.

What is a payment processor?

A payment processor is a financial institution that provides the technology and infrastructure necessary to facilitate global payment processing. Payment processors work with acquiring banks to provide merchants with the ability to accept credit card and debit card payments from customers around the world. Payment processors typically offer a suite of payment-related services, including merchant account management, payment gateway (https://apo-opa.info/42IetFv) and point-of-sale (POS) services, fraud prevention, and security solutions, and access to financing products. In addition, many payment processors offer value-added services such as loyalty programs, customer data analytics, and marketing assistance.

How big is the global payment industry?

A report by the Business Research Company suggests that the global payments market (https://apo-opa.info/3ZsekTH)  will record a growth of $612.04 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. Additionally, the report indicates that the global payments market will grow to $847.59 billion in 2027 at a (CAGR) of 8.5%. To begin with, new real-time payment platforms allow consumers and businesses to transfer money quickly, securely, and reliably across different banks and institutions. Again, there is an increased focus on security and data privacy (https://apo-opa.info/431uF4X) regarding payment processing. For instance, financial institutions are implementing more robust authentication processes to protect against fraud, as well as introducing new technologies such as biometrics and blockchain to strengthen security.

Trends reshaping payment processing in Africa

How we make and receive payments (https://apo-opa.info/3JVIxVx) is changing rapidly, and Africa is at the forefront. What’s more, new technologies and trends in global payment processing are reshaping the continent, making it easier for businesses to trade with each other and with the rest of the world. One of the most significant changes is the growth of mobile money. Equally important, more and more people in Africa are using their phones to send and receive payments, thanks to platforms like M-Pesa in Kenya and MTN Mobile Money in Ghana.

Additionally, payment gateways like Tingg (https://apo-opa.info/42IetFv) are reshaping how to send and receive money online in Africa.  This makes it easier for businesses to transact without going through a traditional bank. Another trend that’s reshaping Africa is the rise of blockchain technology. Blockchain allows for secure, fast, and cheap transactions without a middleman. This could potentially revolutionize African economies by making it easier to move money around without losing value through exchange rates or fees. These trends are just some ways that global payment processing is changing Africa. They’re making it easier for businesses to trade with each other and connect with the rest of the world.

Is cash declining?

The decline of cash has been a long time coming. For years, experts have predicted the death of cash as we know it, and while that hasn’t happened yet, the writing is on the wall. Moreover, several factors are driving this shift away from cash.

Perhaps most importantly, technological advances have made alternative payment methods more convenient and secure. At the same time, consumer behaviour is changing, with younger generations, in particular, preferring digital payments. Interestingly, a survey from McKinsey indicates that the domination of cash in Africa will be challenged soon as e-payments become increasingly popular (https://apo-opa.info/3JThrOT). Banks and nonbank organizations are trying to simplify domestic and international payments.

All of this is having a significant impact on the payments industry. Companies that process card payments are seeing rapid growth. Despite the digital revolution, adopting electronic payment methods in Africa is still not widespread. Although cash use is diminishing, it remains the primary means of transaction in African nations. This shift will likely continue in the years ahead as more consumers and businesses move away from cash.

Here are trends shaping global payment processing:

Mobile wallets

As mobile commerce continues to grow, so does the demand for mobile wallets. A mobile wallet is a digital wallet that allows users to make payments and access their funds using a mobile device. In 2023, it is estimated that there will be 1.31 billion proximity mobile payment transaction users (https://apo-opa.info/3ZpPcwV) worldwide, up from 950 million users in 2019.

The most popular type of mobile wallet is the smartphone wallet, which allows users to make payments and access their funds using their smartphone. Other mobile wallets include NFC wallets, which use Near Field Communication technology to enable contactless payments, and cloud-based wallets, which allow users to store their funds in the cloud and access them from any device. With more and more people using mobile devices to pay for goods and services, it is clear that mobile wallets are here to stay. As such, businesses must ensure they can accept payments via mobile wallets (https://apo-opa.info/3JVIxVx) to stay ahead of the competition.

Cryptocurrencies

The report indicates that the global payments market will grow to $847.59 billion in 2027 at a (CAGR) of 8.5%

Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new units. Besides that, Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services. Bitcoin remains the largest cryptocurrency by market capitalization, followed by Ethereum, Tether, Binance Coin, and Cardano.

Cryptocurrencies have seen significant growth in recent years, fueled by increased interest from retail and institutional investors. However, cryptocurrencies face scalability issues, regulatory uncertainty, and a lack of mainstream adoption. Nevertheless, the cryptocurrency industry is expected to grow in the coming years. 

As digital currencies continue to grow in popularity worldwide, Africa is emerging as a critical market for these new types of payments.

Global payment processing companies are noticing this trend and investing in African countries to tap into this growing market. Blockchain is a distributed ledger system that makes it difficult for anyone to hack or tamper with transactions. Reports indicate that In 2023, more than two dozen nations (https://apo-opa.info/3JXb7po) are expected to take a giant leap with the piloting of CBDCs. Several countries, such as Australia, Thailand, Brazil, India, South Korea, and Russia, already have plans to begin or further their pilot testing.

The growth of e-commerce

The e-commerce industry is expected to overgrow in the coming years. In 2023, the global e-commerce growth rate is expected to grow by 10.4%, bringing global e-commerce sales (https://apo-opa.info/40GSsoK) to $6.3 trillion.

Several factors will drive this growth:

1. The continued expansion of the internet and mobile devices.

2. The rise of social media and mobile commerce

3. The increasing popularity of online shopping.

In addition to this overall growth, there are a number of other trends that are shaping the global payment processing industry. These include the rise of alternative payment methods, the increasing use of mobile apps for payments (https://apo-opa.info/40JQDY8), and the growth of cross-border e-commerce. Alternative payment methods, such as digital wallets, are becoming increasingly popular as consumers seek more convenient and secure ways to pay for online purchases.

Biometric authentication

The need for secure authentication methods grows as the world becomes increasingly digitised. Biometric authentication, which uses physical or behavioural characteristics to verify identity, is one of the most promising technologies.

Several factors are driving the adoption of biometric authentication in the payments industry.

  1. Consumers are becoming more comfortable with using biometrics for authentication. This is due to the widespread use of smartphone fingerprint scanners and facial recognition technology.
  2. Biometric authentication offers higher security than traditional methods like passwords and PINs. It is much harder for criminals to steal someone’s identity or to spoof their credentials.
  3. Biometric authentication is becoming more affordable as the technology continues to mature. This is important for financial institutions that must balance security concerns with cost considerations.
  4. Some major payment processors are beginning to support biometric authentication. Some companies like Mastercard notably unveiled fingerprint and iris scanning (https://apo-opa.info/3zdzyKa) into their global network and have embraced biometric authentication.
  5. Government regulations are starting to catch up with the times. This is likely to spur even greater adoption of biometric authentication in the payments sector in the future.

Global payment processing and regulation

The impact of regulation on payment processing (https://apo-opa.info/3lS4Kvu) is far-reaching. Compliance with regulations such as the Payment Card Industry Data Security Standard (PCI DSS) is costly. In addition to the financial impact, compliance with these regulations imposes significant operational burdens on businesses. These requirements are challenging for small and medium-sized companies in particular.

Despite the challenges, businesses need to stay compliant with payment processing regulations. Non-compliance can lead to severe penalties, including fines, reputational damage, and loss of business.

Conclusion

Global payment processing will be pretty different in the future from what it is today. As technology advances, we will see more secure and efficient payment methods. Additionally, the need for transparency and faster transactions are pushing forward global payment processing trends such as blockchain and fintech. With all these changes coming our way in 2023, businesses should stay competitive (https://apo-opa.info/3KdHdxx) in an ever-changing marketplace.

Distributed by APO Group on behalf of Cellulant.

Related Topics:
Continue Reading
Advertisement

Events

China’s digital hub Hangzhou hosts conference on AI, OPC

Published

9 hours ago

on

June 30, 2026

By

OPC

HANGZHOU, CHINA – Media OutReach Newswire – 30 June 2026 – The inaugural AI+OPC Innovation and Development Conference was held from June 29 to 30 in Shangcheng District, Hangzhou, capital city of east China’s Zhejiang Province. Centered on one-person company (OPC), a new form of smart economy in the AI era, the conference program comprised one opening ceremony and two parallel breakout sessions.

It gathered around 400 delegates from government departments, industry associations, financial institutions, AI enterprises and OPC startup operators across the country. Participants exchanged insights on AI innovation pathways and cross-industry integration strategies, injecting strong impetus into Hangzhou’s ambition to develop a national benchmark hub for AI+OPC entrepreneurship.

A series of key launches and milestone ceremonies took place during the opening segment. Official releases included the 2026 national OPC development observation report, Hangzhou’s 2026–2028 action plan and supporting policies to build a national AI+OPC entrepreneurship hub, and a catalog of actionable AI+OPC application scenarios. Attendees also received an in-depth interpretation of the specifications for AI-enabled OPC community services and evaluation.

The ceremony featured multiple landmark initiatives: plaque awarding for Hangzhou’s priority AI+OPC incubation communities and dedicated observation sites, the official launch of the AI+OPC Community Alliance initiative, and a kickoff marking the official construction of the national AI+OPC entrepreneurship hub.

The open forum session featured keynote speeches from distinguished industry and academic leaders. Speakers included Pan Yunhe, former executive vice president of the Chinese Academy of Engineering and professor at Zhejiang University; Liang Gui, former executive vice governor of Jiangxi Province and ex-director of the Torch High Technology Industry Development Center under the Ministry of Industry and Information Technology; and Zou Ling, head of Hong Hub, Shangcheng District’s single-member unicorn startup acceleration community, who shared cutting-edge insights from varied perspectives.

A panel dialogue followed, bringing together representatives from Moshu OPC Community (Beijing E-Town), the School of Future Science and Engineering at Soochow University, Qingju Hub · Future Digital Intelligence Port (Shangcheng District), and Puhua Capital for in-depth industry exchanges.

Complementary concurrent events held throughout the conference included an OPC capital-industry matchmaking salon, a symposium on industry-education integration for AI-powered OPC sectors, and a national exchange forum for AI+OPC community practitioners.

OPC has emerged as a vibrant new engine driving economic vitality and underpinning high-quality development. Against the backdrop of a new development era, the inaugural Hangzhou AI+OPC Innovation and Development Conference unites OPC innovators nationwide.

Drawing on the creative energy of millions of independent super-individual operators, the event delivers sustained digital momentum to fuel Hangzhou’s super-individual economy, while rolling out replicable local practices and actionable Hangzhou solutions to advance high-quality growth of smart economies nationwide.

 

Continue Reading

Business

Hainan FTP marks 6-month milestone of special customs operations, signs deals during Hong Kong visit

Published

16 hours ago

on

June 30, 2026

By

Hong Kong

HONG KONG SAR – Media OutReach Newswire – 29 June 2026 – As the Hainan Free Trade Port (FTP) marked the six-month milestone since the launch of its full special customs operations, a Hainan provincial delegation wrapped up a three-day visit to Hong Kong. During the visit, the delegation signed deepened cooperation agreements with several major local chambers of commerce and promoted the latest policies introduced since the island-wide special customs operations took effect.

According to data released by Hainan Province during the visit, Hainan’s foreign trade has surged since the launch of special customs operations. As of June 17, the province’s total goods imports and exports reached RMB 173.98 billion (approximately US$24 billion), up 54.6% year on year. Imports of zero-tariff goods hit RMB 2.645 billion, a 120% jump that generated tariff savings of RMB 440 million. A total of 172,100 new market entities were registered—a 61% increase—including 1,240 foreign-invested enterprises. Zero-tariff items now account for 74% of all tariff lines, benefiting more than 12,000 market entities.

During the Hong Kong visit, China Council for the Promotion of International Trade Hainan Provincial Committee (CCPIT Hainan) signed separate deepened cooperation MOUs with the Chinese General Chamber of Commerce, Hong Kong and the Hong Kong General Chamber of Commerce. Under the MOUs, the parties will establish a regular liaison mechanism for the periodic exchange of economic and trade information, and will promote collaboration in areas including professional services, green finance, the digital economy, supply chain management, and cultural tourism. Mutual enterprise service desks will be set up to provide consulting services regarding policies and projects. The parties will leverage their complementary strengths to help Chinese mainland enterprises access overseas markets via Hong Kong, while facilitating Hong Kong companies’ entry into the Chinese mainland through Hainan.

The delegation also held talks with the British Chamber of Commerce in Hong Kong and the American Chamber of Commerce in Hong Kong, exploring ways for British and American businesses to leverage Hainan’s value-added processing tariff exemptions and multifunctional free trade accounts to position themselves in regional supply chains and cross-border investment and financing. HSBC, De Beers, and other British firms are already active in Hainan, and the UK served as the Guest of Honor country at the 2025 China International Consumer Products Expo.

According to industry analysts, amid the shifting international trade landscape, Hainan is leveraging Hong Kong’s “super-connector” role to accelerate its integration with global capital and business networks, while simultaneously offering the Hong Kong business community a policy testing ground for entering the Chinese mainland market.

Continue Reading

Business

Africa’s Grid Constraints Come into Focus as Regional Markets Push Toward Integration

Published

5 days ago

on

June 26, 2026

By

Africa

Regional power pools are advancing and renewable pipelines are growing, but the regulatory and financial architecture needed to connect them remains the continent’s most critical infrastructure gap – an issue central to the Power Africa Today conference at AEW 2026

CAPE TOWN, South Africa, June 25, 2026/APO Group/ –Africa’s electricity demand is projected to nearly double to 2,291 TWh by 2050, requiring an estimated $30 billion in transmission and grid infrastructure investment to unlock and integrate new generation capacity. Yet across the continent, grid systems are struggling to keep pace with rapidly expanding supply pipelines and rising demand.

In Nigeria, repeated nationwide grid collapses as recently as February 2026 underscore the fragility of aging transmission infrastructure. In East Africa, tower failures along the 428 km Loiyangalani-Suswa line temporarily stranded output from Lake Turkana Wind Power – Africa’s largest wind installation. Meanwhile, demand growth pressures are accelerating across North Africa, where electricity consumption is expected to rise by around 50% by 2035, driven by urbanization, desalination projects, and climate-related temperature increases.

Despite these constraints, generation investment continues to accelerate across Africa, particularly in renewables, gas-to-power and hybrid systems. However, without equivalent investment in transmission and interconnection, much of this new capacity risks being underutilized or stranded. This growing imbalance between generation and grid capacity is driving a sharper focus on system-wide planning and regional market design – issues that will be central to the newly launched Power Africa Today conference at African Energy Week 2026. The platform will bring together policymakers, utilities, investors and developers to explore how regional interconnection, cross-border trading frameworks and financing structures can better align generation growth with grid expansion.

Power Markets Experiment with Reform

Alongside infrastructure challenges, Africa’s electricity sector is undergoing gradual – but uneven – market reform. Most countries still operate vertically integrated systems dominated by state utilities, but a growing number are introducing competitive frameworks to attract private capital and improve efficiency.

Zimbabwe opened its electricity market to full private participation across generation, transmission and distribution in 2025, targeting $9 billion in new investment. South Africa is advancing one of the continent’s most ambitious grid expansion programs, with plans for 14,500 km of new transmission lines and 133,000 MVA of transformer capacity by 2034, alongside mechanisms designed to crowd in private financing. Kenya, meanwhile, has introduced open access regulations enabling independent power producers to wheel electricity directly to multiple off-takers, reshaping how generation assets interface with the grid.

Interconnected electricity markets are the foundation of Africa’s industrial future

Regional Integration Remains Fragmented

Efforts to connect Africa’s fragmented power systems are progressing, though at different speeds across regions. In Southern Africa, the World Bank’s RETRADE SAPP program, approved in 2025, is deploying $12 million to strengthen renewable integration and transmission capacity across 12 member states. In East Africa, the Ethiopia–Kenya–Tanzania Electricity Highway is now in trial operations at up to 2,000 MW, marking a significant step toward a more interconnected regional grid.

West Africa is also moving toward deeper integration, with permanent synchronization of the West Africa Power Pool expected in 2026. Analysts, including the African Finance Corporation, argue that such synchronization is critical to unlocking large-scale hydropower potential and industrial demand across the region. Longer term, full synchronization between the Eastern and Southern African power pools – targeted for the end of 2026 – could create one of the world’s largest cross-border electricity trading corridors.

Building Bankable Financial Architectures

While interconnection is advancing, infrastructure alone is not enough to create investable electricity markets. Investors consistently cite the lack of standardized offtake structures, creditworthy counterparties, and cross-border payment guarantees as key barriers to scaling capital deployment.

New models are emerging to address these constraints. Africa GreenCo, operating across Zambia, Namibia and South Africa, is helping to aggregate independent power producers under a single creditworthy intermediary, standardizing power purchase agreements and reducing counterparty risk. At a broader level, AUDA-NEPAD estimates that Africa requires around $30 billion in additional investment to complete priority transmission corridors and establish three fully interconnected regional trading blocs by 2030.

“Interconnected electricity markets are the foundation of Africa’s industrial future,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “The question at Africa Energy Week is not whether integration is possible – the evidence is already there. The question is which regulatory frameworks and financial structures will get projects to financial close, and which markets will be ready when capital is looking to move.”

The Power Africa Today conference will run alongside AEW 2026, taking place October 12–16 in Cape Town, and will focus on the regulatory, financial and infrastructural architecture needed to build interconnected electricity markets capable of attracting institutional capital and delivering reliable, cross-border power at scale.

Distributed by APO Group on behalf of African Energy Chamber.

Continue Reading

Trending